Trade Desk (NASDAQ:TTD) saw its target price adjusted downwards by Evercore ISI from $80.00 to $70.00, as indicated in a research note released on Friday. Despite this revision, Evercore maintains an “outperform” rating on the stock, reflecting confidence in the company’s future performance.
Other analysts have also recently evaluated Trade Desk’s stock. On Tuesday, Wedbush upgraded its rating to “hold.” Meanwhile, KeyCorp increased its price target from $80.00 to $95.00, assigning an “overweight” rating in a report dated July 17. In contrast, Rosenblatt Securities lowered its price objective from $78.00 to $64.00 while maintaining a “buy” rating, and Stifel Nicolaus adjusted its target from $95.00 to $90.00 with a similar recommendation on August 8. Lastly, Wells Fargo & Company set a target price of $53.00 with an “equal weight” rating as of October 6.
In total, 21 equity research analysts have rated Trade Desk’s stock as a buy, while 12 have issued a hold rating and four have recommended selling. According to data from MarketBeat.com, the stock currently holds a consensus rating of “hold” with an average price target of $79.48.
Recent Earnings and Stock Buyback Announcement
Trade Desk released its latest earnings report on November 6, posting earnings per share (EPS) of $0.45, slightly exceeding analysts’ expectations of $0.44. The company reported a revenue of $739.43 million, surpassing the estimated $719.11 million. This represents a 17.7% increase in revenue compared to the same quarter the previous year. The business’s return on equity stood at 15.73%, with a net margin of 15.72%.
In an effort to enhance shareholder value, Trade Desk announced a stock buyback program on the same day, allowing for the repurchase of up to $500.00 million in outstanding shares. This buyback plan, which authorizes the company to reacquire as much as 2.1% of its shares, often indicates that the board believes the stock is undervalued.
Insider Trading and Institutional Investment Activity
In related news, Director Andrea Lee Cunningham sold 1,403 shares of Trade Desk on September 10, at an average price of $48.20, totaling approximately $67,624.60. Following this transaction, Cunningham retains 5,035 shares valued at around $242,687, marking a 21.79% decrease in her ownership.
Currently, insiders own 10.00% of the stock. Furthermore, several institutional investors have recently adjusted their positions in Trade Desk. For instance, Family Legacy Financial Solutions LLC increased its holdings by 163.2% during the third quarter, now owning 500 shares valued at $25,000 after acquiring an additional 310 shares. Other notable transactions include a new stake from Banque Cantonale Vaudoise valued at approximately $26,000 and significant increases from Sound Income Strategies LLC and Versant Capital Management Inc.
Institutional investors collectively hold 67.77% of Trade Desk’s stock, indicating strong backing from larger financial entities.
Trade Desk, based in the United States, operates as a technology company offering a self-service cloud-based platform for managing and optimizing digital advertising campaigns across various channels, including video, display, audio, and social media. As the company continues to navigate the rapidly evolving tech landscape, analysts remain watchful of its performance and market strategies.
